Summary
Ameriprise Financial, Inc. (AMP) filed an 8-K on October 28, 2014, to report its financial results for the third quarter of 2014. The filing primarily references a press release and a statistical supplement that provide detailed financial information. Investors should note that the company presents its results on both Generally Accepted Accounting Principles (GAAP) and non-GAAP adjusted bases. The non-GAAP measures are used to provide a clearer view of the underlying performance of core operations by excluding certain items. Key adjustments in their non-GAAP reporting include the exclusion of the impact of consolidating certain investment entities (CIEs), integration and restructuring charges, the cessation of deposit-taking and lending activities of Ameriprise National Trust Bank, the impact of annual assumption reviews for insurance and annuity valuations ('unlocking'), market impacts on variable annuity guaranteed benefits, market impacts on indexed universal life benefits, and realized gains/losses from discontinued operations. Management believes these adjustments enhance comparability and trend analysis for investors.
Key Highlights
- 1Ameriprise Financial announced its third quarter 2014 financial results via an 8-K filing on October 28, 2014.
- 2The company is providing both GAAP and non-GAAP financial results to investors.
- 3Non-GAAP measures are presented to better reflect underlying core operations and facilitate trend analysis.
- 4Key exclusions in non-GAAP reporting include consolidation of certain investment entities (CIEs) and integration/restructuring charges.
- 5Cessation of certain banking activities of Ameriprise National Trust Bank is also excluded from non-GAAP results.
- 6Annual assumption reviews ('unlocking') and market impacts on certain insurance and annuity products are adjusted for in non-GAAP reporting.
- 7The filing includes a press release (Exhibit 99.1) and a Statistical Supplement (Exhibit 99.2) for detailed financial data.